Fitch Ratings Upgrades 2 Classes of ASC, Series 1996-D3.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. upgrades Nomura Asset Securitization Corp.'s (ASC ASC Ambulatory surgery center, see there ) commercial mortgage pass-through certificates, series 1996-D3, as follows: --$39.1 million class A-4 to 'AAA' from 'AA'; --$43 million class B-1 to 'A-' from 'BB'. In addition, Fitch affirms the following classes: --$128.2 million class A-1C at 'AAA'; --$19.6 million class A-1D at 'AAA'; --$39.1 million class A-2 at 'AAA'; --$35.2 million class A-3 at 'AAA'; --Interest-only class A-CS2 at 'AAA'. The $25.4 million class B-2 remains at 'CCC/DR2'. Fitch does not rate class A-5. Class B-3 has been depleted de·plete tr.v. de·plet·ed, de·plet·ing, de·pletes To decrease the fullness of; use up or empty out. [Latin d by realized losses. Classes A-1A and A-1B and interest-only A-CS1 have paid in full. The upgrades reflect increased subordination levels due to loan payoffs and defeasance, as well as the disposition of four specially serviced assets in mid-2005 and early 2006. Fitch expects the pool to continue to pay down rapidly in the near term due to upcoming anticipated repayment dates in 2006 for approximately 25% of the pool. As of the July 2006 distribution date, the pool's aggregate certificate balance has decreased 55.9%, to $345.3 million from $782.6 million. Fifty-six loans remain in the pool, down from 113 at issuance. Thirteen loans (31.8%) have defeased since issuance, including five (25%) of the top ten loans in the pool. There are currently no delinquent or specially serviced loans. The increased risk associated with the pool's high hotel concentration (38.1%) is mitigated by the high weighted average debt service coverage ratio The debt service coverage ratio (DSCR), or debt service ratio, is the ratio of net operating income to debt payments on a piece of investment real estate. It is a popular benchmark used in the measurement of an income-producing property’s ability to produce (WADSCR WADSCR Weighted Average Debt Service Coverage Ratio ) for the hotel concentration, which is 1.98x as of year-end (YE) 2005. Fitch's Distressed Recovery (DR) ratings, introduced in April 2006 across all sectors of structured finance, are designed to estimate recoveries on a forward-looking basis while taking into account the time value of money. For more information on Distressed Recovery ratings, see the full report ('Structured Finance Distressed Recovery Ratings'), which is available on the Fitch Ratings web site at www.fitchratings.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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